This article first appeared in Capital, The Edge Malaysia Weekly on October 9, 2023 - October 15, 2023

For the week of Sept 25 to 29, notable shareholding changes at Bursa Malaysia-listed companies included those at Eden Inc Bhd, which saw Koperasi Belia Islam Malaysia Bhd (KBI) emerge as its substantial shareholder.

On Sept 22, KBI acquired 27.41 million shares, or a 5.97% stake, in the energy and food and beverage player from the open market.

Eden’s net profit jumped to RM26.05 million in the financial year ended June 30, 2023, from RM1.45 million a year ago, primarily due to a one-off net gain of RM43.36 million from a compulsory land acquisition by the government.

At Hong Seng Consolidated Bhd, Aurora Crest Sdn Bhd bought 179.63 million shares, or a 3.52% stake, on Sept 25 via a direct business transaction. This bumped up its shareholding to 11.35%.

Aurora Crest is controlled by Christopher Chan Hooi Guan, who is an executive director of Hong Seng.

Hong Seng — which engages in the business of healthcare, financial services and glove manufacturing — recently scrapped a plan to sub-lease a part of an industrial land in Prai Bulk Cargo Terminal, Penang, from Penang Port Sdn Bhd, following a decision to suspend the development of a proposed nitrile butadiene latex manufacturing plant in Kedah Rubber City.

Meanwhile, Computer Forms (M) Bhd, via CFM Printing & Stationery Sdn Bhd, on Sept 26 ceased to be a substantial shareholder of BSL Corp Bhd following the disposal of 67 million shares, or a 3.47% stake.

At the same time, Cita Realiti Sdn Bhd raised its shareholding in BSL to 8.12% with the acquisition of 42 million shares, or a 2.18% stake.

Computer Forms first emerged as BSL’s substantial shareholder with 5.7% equity interest last March after the subscription of rights shares in the latter.

BSL supplies metal components to manufacturers of electronic products, furniture and office equipment as well as the automotive, industrial, agricultural and construction industries.

The shares of Pensonic Holdings Bhd have been on an upward trend with a gain of 48.4% since end-August. At last Tuesday’s closing price of 67.5 sen, the company had a market value of RM84.8 million.

On Sept 25, Pensonic managing director Vincent Chew Chuon Ghee took the opportunity to offload four million shares, or a 3.18% stake, for RM3 million, or 75 sen apiece, ceasing to be a substantial shareholder of the electrical home appliances maker.

The disposal sum represents an 11.94% premium over Pensonic’s closing price of 67 sen on that day. Chuon Ghee is now left with direct and indirect stakes of 3.74% and 0.94% respectively in the company.

Businessman Neo Ching Yuen, on the other hand, surfaced as its substantial shareholder after acquiring 8.3 million shares, or a 6.6% stake. Earlier last month, Datuk Lai Kim Teng also became Pensonic’s substantial shareholder with a 10.34% stake.

Pensonic was founded by Chuon Ghee’s father Datuk Seri Chew Weng Khak @ Chew Weng Kiak, who is the group executive chairman. Weng Khak has a 6.39% direct stake and a 12.14% indirect stake in the company. 

Pensonic slipped into the red with a net loss of RM2.97 million for the financial year ended May 31, 2023, versus a net profit of RM14.36 million a year ago, partly due to the absence of a gain on disposal of investment properties of RM10.6 million in the preceding year.

Construction and property development outfit Gabungan AQRS Bhd saw its share price touch a more than one year high of 40.5 sen in early September. However, the Employees Provident Fund on Sept 21 ceased to be its substantial shareholder, paring its shareholding to slightly below 5% after the disposal of 500,000 shares, or a 0.09% stake.

For the six-month period ended June 30, 2023, Gabungan AQRS recorded a net profit of RM6.83 million, 37.9% lower than the RM10.98 million in the same period a year ago, owing to lower contribution from the property development division.

Closing at 35.5 sen last Tuesday with a market value of RM192.7 million, the stock had risen 36.5% since early this year. 

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